AUSTIN, TX (CelebrityAccess) — Live Nation Entertainment is reportedly in talks to acquire a majority stake in the largest indie promoter in the U.S., C3 Presents. C3 Presents produces major festivals, including Lollapalooza and the Austin City Limits festivals.
According to the New York Times, two people with knowledge of the negotiations, which were characterized as being at an advanced stage, said the deal would see Live Nation acquire a 51% holding in C3 Presents, with the company valued at at around $250 million.
The deal would let Live Nation expand its business in the U.S., as the alt-rock festival Lollapalooza is a summer mainstay with a long-term home in Chicago. The deal would also help Live Nation expand internationally as C3 has grown the Lolla brand in a number of Latin American markets in recent years as well, with events in Chile, Brazil and Argentina.
C3 also handles talent buying for some major corporate clients, including 35 Caesars Entertainment venues nationwide, as well as he Cosmopolitan in Las Vegas and Casino Rama in Ontario, Canada. As well, the company also operates an artist management division.
At the time of publication, spokespersons for both Live Nation and C3 Presents did not respond to requests for comment. – Staff Writers